A UK government-backed loan scheme for large businesses affected by coronavirus has been expanded to cover all viable firms.
Outlining further details of the Coronavirus Large Business Interruption Loans Scheme ahead of its launch on Monday, the Chancellor of the Exchequer said all firms with a turnover of more than £45m would now be able to apply for up to £25m of finance, and up to £50m for firms with a turnover of more than £250m.
Business with turnovers of more than £500m were originally not eligible for the scheme, which is being set up to help firms that do not qualify for the existing Coronavirus Business Interruption Loan Scheme (for small and medium sized businesses) and the Bank of England Covid Corporate Financing Facility (for investment grade companies). The move, which comes after extensive consultation with businesses, will ensure more firms are able to benefit from UK Government support.
The Chancellor, Rishi Sunak, said: “I want to ensure that no viable business slips through our safety net of support as we help protect jobs and the economy. That is why we are expanding this generous scheme for larger firms.
“This is a national effort and we’ll continue to work with the financial services sector to ensure that our £330bn of government support, through loans and guarantees, reaches as many businesses in need as possible.
